First Quarter FY 2020/21 Business Updates - 28 October 2020 Singapore Australia Malaysia China Japan - Starhill Global ...
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First Quarter FY 2020/21 Business Updates
28 October 2020
Singapore Australia Malaysia China Japan
Contents
Financial and Key Highlights
Portfolio Updates
Market Outlook
2
1 Financial and Key Highlights
Wisma Atria
Singapore
Key highlights for 1Q FY20/21
Financial Performance
Gross revenue and net property income was Retail
lower by 10.3% and 19.2% y-o-y in 1Q FY20/21: WALE portfolio
by gross rent occupancy Operational
– Mainly due to rental assistance to eligible (1) Performance
tenants affected by the COVID-19 5.5 years (as at 30 Sep 2020)
pandemic, including allowance for rental 97.4%
arrears and rebates mainly for Australia
Properties
Weighted
– Partially offset by higher contributions
Capital Gearing average
from The Starhill and appreciation of A$ (as at 30 Sep 2020)
debt
Management maturity (1)
39.1%
2.5 years
Capital Management
Prudent and proactive capital management to Tenants’ Post-
sales y-o-y at lockdown
enhance financial flexibility and liquidity Wisma Atria sales at
Property Perth
Tenants’
Secured new committed RCF with relationship sales
recovered to Properties
banks of up to $90 million two-thirds of achieved (1Q FY20/21)
pre-COVID-19 pre-COVID-
Undrawn and committed RCF is more than levels 19 levels
sufficient to cover the $250 million term
borrowings maturing in the next 12 months
Note:
1. Excludes tenants’ option to renew or pre-terminate.
4
Key highlights for 1Q FY20/21
Portfolio Performance
Resilient portfolio occupancy of 96.6% as at 30 September 2020
Most tenants are open for business across our portfolio in 1Q FY20/21
Gradual recovery of tenants’ sales in Singapore (1) (1)
– Wisma Atria Property’s tenants’ sales and shopper traffic recovered to about two-thirds and almost half
of pre-COVID-19 levels y-o-y respectively in 1Q FY20/21
Encouraging post-lockdown sales in Australia
– Post-lockdown sales in Perth assets achieved pre-COVID-19 levels in 1Q FY20/21
– Myer Centre Adelaide sees improving sales since lockdown
– Majority of rental assistance negotiations have been concluded for our Australian tenants(1)
Stable of new quality tenants
– United Overseas Bank (Ngee Ann City Property)
– Unity Pharmacy (Wisma Atria Property)
– New-to-market tenant Don Don Donki (Lot 10 Property)
– New flagship boutiques at The Starhill: Balmain, Philipp Plein, Tom Ford, Stefano Ricci, Paul & Shark
Committed to support our tenants to ride through the COVID-19 pandemic
– Extended rental relief for eligible tenants in the portfolio, including an allowance for rental arrears and
rebates for the Australian tenants, amounting to approximately $7.3 million in 1Q FY20/21
Note:
1. As guided by the Mandatory Code of Conduct for landlords and tenants released by the National Cabinet of Australia.
5
1Q FY20/21 financial performance
Gross Revenue Net Property Income (NPI)
10.3% y-o-y 19.2% y-o-y
48.0 Variance in gross
50 1.2 50 revenue and NPI y-o-y
43.1
(1) in 1Q FY20/21:
4.1 1.1 36.9
40 4.6 40 Mainly due to rental
0.9 (1)
11.1 29.8 assistance to eligible
3.8 tenants affected by the
10.5 30
0.9
30 6.8 COVID-19 pandemic,
$ million
$ million
4.3 including allowance for
16.1 4.4 rental arrears and
20
20 13.4 13.2 rebates mainly for
10.1 Australia Properties
10
10 Partially offset by
15.5 13.5 12.1 10.0 higher contributions
0 from The Starhill and
0
1Q FY19/20 1Q FY20/21
1Q FY19/20 1Q FY20/21 the appreciation of A$
Wisma Atria Property Ngee Ann City Property Australia Properties
Note:
Malaysia Properties Others 1. Total does not add up due to rounding differences.
6
Balance sheet and NAV statistics
Total assets of approximately $3.1 billion
As at As at
30 September 2020 30 June 2020
($’000) ($’000)
Total Assets (1) 3,082,354 3,081,035
Total Liabilities 1,302,899 1,311,546
Net Assets 1,779,455 1,769,489
Unitholders’ Funds 1,779,455 1,769,489
NAV Per Unit ($) (2) 0.81 0.81
Closing Price ($) 0.44 0.51
Unit Price Premium/(Discount) to NAV Per Unit (45.7%) (37.0%)
Corporate Rating (Fitch Ratings) BBB/Stable BBB/Stable
Notes:
1. Valuations of investment properties are subject to significant estimation uncertainty given the constantly evolving impact from the COVID-19 pandemic.
2. The computation of NAV per unit is based on 2,199,555,772 units which comprise (i) 2,194,958,278 units in issue as at 30 September 2020, and (ii) estimated
4,597,494 units issuable as partial satisfaction of management fees for 1Q FY20/21 (Jun 2020: 2,194,651,816 units which comprise (i) 2,191,127,148 units in issue
as at 30 June 2020, and (ii) estimated 3,524,668 units issuable as partial satisfaction of management fees for 4Q FY19/20).
7
Staggered debt maturity profile averaging 2.5 years
as at 30 September 2020
Debt maturity profile Financial Ratios (3) 30 Sep 2020 30 Jun 2020
$ million as at 30 Sep 2020 Total debt $1,203 million $1,221 million
400 Gearing 39.1% 39.7%
*
Interest cover (4) 2.6x 2.9x
350
Average interest rate p.a.(5) 3.25% 3.23%
125 * Peak maturity 32%
300 of total debt and 12%
Unencumbered assets ratio 74% 75%
of total assets
Fixed/hedged debt ratio (6) 89% 91%
250
Weighted average debt maturity 2.5 years 2.7 years
132
200 109 Notes:
1. Comprises of short-term RCF outstanding, which were
drawn mainly for working capital purposes and to
150
finance ongoing asset enhancement works for The
(1)
260 48 Starhill.
40
100 2. Early refinanced the JPY0.68 billion bond in August
2020, with new maturity of August 2025.
150 3. In compliance with its financial covenants as at 30
50 100 100 September 2020 and 30 June 2020.
61 (2)
70 4. Interest cover ratio computed per the Property Funds
9 Appendix, based on trailing 12 months interest
0 expenses of $39.8 million as at 30 September 2020
FY 2020/21 FY 2021/22 FY 2022/23 FY 2023/24 FY 2024/25 FY 2025/26 FY 2026/27 (Jun 2020: $39.1 million).
5. Includes interest rate derivatives and benchmark rates
S$150m term loan S$260m term loan A$135m term loan A$63m term loan but excludes upfront costs.
S$100m MTN S$125m MTN S$70m MTN S$100m MTN (2020)
6. Includes mainly interest rate swaps.
JPY3.7b term loan JPY0.68b bond RM330m MTN S$40m RCF
8
2 Portfolio Updates
Myer Centre Adelaide
Adelaide, Australia
9
Balance of master / anchor leases and actively-managed leases
Includes the following: -
Master leases and anchor leases, incorporating periodic
rental reviews, represent approximately 49.6% of gross
rent as at 30 September 2020 Ngee Ann City Property Retail (Singapore)
The Toshin master lease expires in 2025. Next rent
review is in June 2022 (at prevailing rent or higher).
Master leases /
anchor leases,
with periodic rent The Starhill & Lot 10 Property (KL, Malaysia)
New master tenancy agreements commenced
reviews, in June 2019 and have long tenures of
49.6% (2) approximately 19.5 years and 9 years(1) for
The Starhill and Lot 10 Property respectively,
with periodic rental step-ups.
Actively-
managed
leases,
50.4% Myer Centre (Adelaide, Australia)
The long-term lease expires in 2032 and
provides for an annual rent review.
David Jones Building (Perth, Australia)
Notes: The long-term lease expires in 2032 and provides
1. Assuming that the option to renew for the third three-year term for Lot 10 Property is exercised. for upward-only rent review every three years.
2. Excludes tenants’ option to renew or pre-terminate. A rental uplift was secured in August 2020.
.
10Diversified portfolio across geography and sector
Office portfolio contributes 15.2% to revenue in 1Q FY20/21
ASSET VALUE 1Q FY20/21 GROSS REVENUE 1Q FY20/21 GROSS REVENUE
BY COUNTRY AS AT 30 SEP 2020 BY COUNTRY RETAIL/OFFICE
Others*
Others* 2.7%
3.1% Malaysia Office
Malaysia 10.6%
13.7% 15.2%
Australia
13.6% Australia
24.3%
Singapore
62.4%
Singapore Retail
69.6% 84.8%
*Others comprise one property in Chengdu, China, and two properties located in central Tokyo, Japan, as at 30 September 2020.
11Retail portfolio actual occupancy rate resilient at 97.4%
Prime assets in strategic locations with excellent connectivity
31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Sep
As at
08 09 10 11 12 13 15 16 17 18 (1) 19 (1) 20 (1) 20 (1)
98.7% 99.4% 98.9% 99.5%
SG Retail 98.3% 100.0% 99.1% 98.3% 99.8% 99.9% 99.4% 99.2% 99.2% (2) (2) (2) (2)
(99.1%) (99.4%) (99.5%) (99.5%)
90.3% 93.2% 87.6% 90.3%
SG Office 92.4% 87.2% 92.5% 95.3% 98.3% 99.0% 99.3% 95.6% 92.9% (2) (2) (2) (2)
(95.0%) (93.9%) (90.4%) (91.0%)
Singapore 96.0% 95.1% 96.5% 97.1% 99.2% 99.5% 99.3% 97.9% 96.8% 95.5% 97.0% 94.6% 96.0%
Japan 97.1% 90.4% 86.7% 96.3% 92.7% 89.8% 96.1% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
China 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 96.4% 100.0% 100.0% 100.0% 100.0% 100.0%
Australia - - 100.0% 100.0% 100.0% 99.3% 96.2% 89.7% 91.1% 88.8% 92.8% 94.3% 94.3%
Malaysia - - 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
SG REIT (1) (1) (1) (1)
96.6% 95.4% 98.2% 98.7% 99.4% 99.4% 98.2% 95.1% 95.5% 94.2% 96.3% 96.2% 96.6%
portfolio
Notes:
1. Based on commenced leases as at reporting date. For prior years, the reported occupancy rates were based on committed leases, which include leases that have
been contracted but have not commenced as at the reporting date.
2. Based on committed leases as at reporting date.
12Staggered portfolio lease expiry profile
Long WALE of 8.5 years by NLA
(1) (1)
Weighted average lease term of 8.5 and 5.5 years (by NLA and gross rent respectively)
Portfolio lease expiry (as at 30 September 2020) (2)(3)
90%
By NLA By Gross rent
(4)(5)
80% 75.7%
70%
(4)(5)
60%
53.5%
50%
40%
30%
20% 14.2%
13.8%
7.8% 9.5% 9.0%
10% 6.6% 4.7% 5.2%
0%
FY20/21 FY21/22 FY22/23 FY23/24 Beyond FY23/24
Notes:
1. Excludes tenants’ option to renew or pre-terminate.
2. Lease expiry schedule based on commenced leases as at 30 September 2020.
3. Portfolio lease expiry schedule includes all of SGREIT’s properties.
4. Includes the Toshin master lease, master tenancy agreements for Malaysia Properties and the anchor leases in Australia and China.
5. Assuming that the option to renew for the third three-year term for Lot 10 Property is exercised.
13Staggered portfolio lease expiry profile by category
Only 12.6% of retail leases expiring in FY20/21
Retail Lease Expiry Profile by Gross Rents Office Lease Expiry Profile By Gross Rents
(as at 30 September 2020) (1)(2)(3) (as at 30 September 2020) (1)(3)(6)
70% 70%
(4)(5)
59.2%
60% 60%
50% 50%
40% 40%
30% 30%
24.2% 22.5%
21.7%
20% 20% 16.8%
14.8%
12.6% 12.7%
10% 7.5% 8.0% 10%
0% 0%
FY20/21 FY21/22 FY22/23 FY23/24 Beyond FY20/21 FY21/22 FY22/23 FY23/24 Beyond
FY23/24 FY23/24
Notes:
1. Based on commenced leases as at 30 September 2020.
2. Includes all of SGREIT’s retail properties.
3. Excludes tenants’ option to renew or pre-terminate.
4. Includes the Toshin master lease, master tenancy agreements for Malaysia Properties and the anchor leases in Australia and China.
5. Assuming that the option to renew for the third three-year term for Lot 10 Property is exercised.
6. Comprises Wisma Atria, Ngee Ann City and Myer Centre Adelaide office properties only.
14Lease expiry profiles across geographies
Portfolio Lease expiry profile (by gross rent) as at 30 September 2020
100% (1)
87.7%
Wisma Atria Property Ngee Ann City Property
Includes Toshin
Singapore master lease at
Ngee Ann City
50%
Retail 25.8%
33.5% Property
19.1% 20.5%
3.9% 4.7% 1.4% 2.3% 1.1%
0%
FY20/21 FY21/22 FY22/23 FY23/24 Beyond FY23/24
100%
Wisma Atria Property Ngee Ann City Property
Singapore
50% 37.2% Notes:
Offices 21.4%
31.6% 34.0%
1. Includes the master
14.9% 18.8% 17.6% 17.1% tenancy lease with
7.4% Toshin Development
0.0%
0% Singapore Pte Ltd
FY20/21 FY21/22 FY22/23 FY23/24 Beyond FY23/24 which expires in
2025.
2. Includes the long-
100% (2)
term lease with
Perth Properties Myer Centre Adelaide 79.1% (3)
64.8% David Jones Pty
Limited which
Australia 50% expires in 2032.
Properties 3. Includes the long-
term lease with Myer
12.6% 12.1% 10.3%
0.7% 6.7% 5.1% 6.1% 2.5% Pty Ltd which expires
0% in 2032.
FY20/21 FY21/22 FY22/23 FY23/24 Beyond FY23/24
15Tenants’ Sales and Shopper Traffic - Wisma Atria Property
Gradual recovery in 1Q FY20/21 post-Circuit Breaker
Tenants’ sales for Wisma Atria Property recovered to about two-thirds of pre-COVID-19 levels
y-o-y in 1Q FY20/21 post-Circuit Breaker
Shopper traffic recovered to almost half of pre-COVID-19 levels y-o-y
Tenants’ Sales Shopper Traffic
33.5% y-o-y 54.4% y-o-y
6
60
S$ million
4
40
million
2
20
0 0
1Q FY20/21 1Q FY19/20 1Q FY20/21 1Q FY19/20
16Prime locations at retail precincts of city centres
Attracts new-to-market and niche international brands
New and upcoming tenants across the portfolio
Singapore Office Wisma Atria Property Lot 10 Property
New tenants at Wisma Atria Property
Unity Pharmacy opened at Wisma Atria in August 2020 Beryl’s Chocolate opened at Wisma Atria in August 2020
17Keeping our shoppers and visitors safe
Floor markings in front of food and beverage stalls for safe distancing
Temperature screening for all shoppers and visitors with queue management as well as digital
check-ins and check-outs for contract tracing purposes
Spaces marked out to ensure
Temperature screenings safe distance is maintained
Notices and floor markings in lifts and taxi stands to remind shoppers to maintain safe distancing for contractors between patrons
18New technological solutions to enhance safety at Wisma Atria
New and innovative technological solutions have been deployed / installed
in addition to statutory guidelines to safeguard shopper safety and experience
Air cleaning system utilising Autonomous disinfection robots Antivirus, antimicrobial
advanced ultraviolet technology that use innovative UV-C LED and antifungal coating is
capable of purifying the air has been technology effective in killing applied onto escalator
installed inside air handling unit microbes, including viruses like handrails and lift buttons.
ductworks of Wisma Atria shopping COVID-19, has been deployed at Cleaning and disinfectant
mall and office tower for improved Wisma Atria shopping mall and frequency has also been
indoor air quality from August 2020 office tower from August 2020 increased
19Asset Enhancement Works for The Starhill
Estimated completion by December 2021
The Master Tenant is entitled to a fair and
reasonable extension of time under the Master
Tenancy Agreement (MTA) for delays to the
asset enhancement works (AEW) caused by
force majeure
As a result of the delays caused by the Malaysia
Government’s movement control order, the time
for completion of the AEW was extended for two
months from October 2021 to December 2021,
which was regarded as an interested person
transaction
Under the MTA, the agreed rent during the AEW
shall continue for two more months to December
2021 and the extension of time would result in a Artist’s impression of The Starhill façade facing Jalan Bukit Bintang
postponement of the rental increments(1)
The financial impact, aggregated with all other The Starhill (formerly known as
Starhill Gallery) is undergoing asset
transactions between SGREIT and YTL
enhancement to transform into an
Corporation Berhad or its associates entered
integrated development comprising
into to-date in the current financial year falls four retail floors and upper three
below 3.0% of SGREIT’s latest audited net floors of hospitality use as an
tangible assets for the purposes of Chapter 9 of extension of the adjoining JW
the Listing Manual Marriott Hotel Kuala Lumpur
The Starhill and Lot 10 Property have resumed
Note:
operations as the nation eased its Movement 1. For more details, please refer to the circular
Control Order (MCO) to unitholders dated 25 April 2019. Artist’s impression of The Starhill’s central atrium
20Prime locations at retail precincts of city centres
Attracts international luxury brands
New flagship boutiques joining The Starhill
The Starhill’s well-loved brands to return with new concepts in 2021
213 Market Outlook
Artist impression of The Starhill
Kuala Lumpur, MalaysiaMarket Outlook - Singapore
• Singapore’s economy contracted by 7.0% y-o-y in 3Q 2020 based on advanced estimates
Economy • Retail sales (excluding motor vehicles) fell 8.4% y-o-y in August 2020
• From January to August 2020, international visitor arrivals fell 79.2% y-o-y to 2.7 million
• More businesses are allowed to operate in the gradual reopening of Phase Two post-Circuit Breaker
since 19 June 2020
• However, safe distancing measures and minimal tourist arrivals continue to impact shopper traffic and
tenants’ sales
• Occupancy and rents are expected to remain under pressure, although the extent will be mitigated by
the limited new retail supply(1)
• More employees are allowed to return to the office from 28 September 2020 and gradual easing of
Retail safe management measures are expected to be positive for the retail sector
Sector • Coupled with Government efforts in facilitating essential business travel with bilateral green lane
arrangements with some countries, proposed air travel bubble with Hong Kong and cautious lifting of
border restrictions
• COVID-19 (Temporary Measures) Act 2020 provides a rental relief framework for Small and Medium
Enterprises and seeks to offer temporary relief to businesses and individuals who are unable to
perform their contractual obligations due on or after 1 February 2020 because of COVID-19. The
relief period for leases and licenses of non-residential property from legal and enforcement actions
has been extended from 19 October 2020 to 19 November 2020
Office • Office demand continues to dampen due to recessionary pressure and bleak employment outlook(1)
Sector • Cost efficiency continue to be the main driver for leasing enquiries(1)
Note:
1. CBRE Research, Singapore MarketView, Q3 2020
23Market Outlook – Australia & Malaysia
• The Australian economy contracted sharply in the June quarter, with output falling by 7%(1)
• Retail sales for South Australia and Western Australia grew by 4.8% and 7.5% y-o-y
Australia respectively for the 12 months to August 2020
• Mandatory Code of Conduct by National Cabinet of Australia in South Australia and Western
Australia has been extended to 3 January 2021 and 28 March 2021 respectively(2)(3)
• Malaysia’s GDP contracted by 17.1% in 2Q 2020 from a marginal growth of 0.7% in 1Q 2020
• Sales of Retail Trade fell 1.5% y-o-y in August 2020, compared to the 3.8% y-o-y decline in
July 2020
• Tourist arrivals to Malaysia fell 68.2% y-o-y to 4.3 million in 1H 2020, with tourist expenditure
Malaysia declining 69.8% y-o-y to RM12.5 billion in 1H 2020
• Following a recent wave of COVID-19 infections, Kuala Lumpur, Putrajaya, Selangor and
Sabah were placed under movement restrictions for two weeks, which was extended to
9 November 2020
• All economic activities are allowed; social activities and cross-district travels are not allowed
Notes:
1. Reserve Bank of Australia, Statement by Philip Lowe, Governor: Monetary Policy Decision, 6 October 2020
2. Government of South Australia, Attorney-General’s Department, COVID-19 Emergency Response (Commercial Leases No. 2) (Prescribed Period) Variation
Regulations 2020
3. Western Australia, Commercial Tenancies (COVID-19 Response) Act 2020, 26 September 2020
24Riding through COVID-19 pandemic
Proactive and prudent capital management
Active asset management to enhance
resilience
Ensuring safety of the community
Seeking out opportunities
25Proactive and prudent capital management
Limited visibility on the duration and severity of the COVID-19
pandemic
Strengthen the balance sheet and enhance financial flexibility
Enhancing Undrawn and committed revolving credit facilities are more than
financial sufficient to cover the S$250 million term borrowings maturing in
flexibility the next 12 months
Defer non-essential capital expenditure and enhance operational
efficiencies
Balancing distributions, cash reserves and rental assistance
26Active asset management to enhance resilience
Continue to work closely with our tenants to render targeted relief
assistance where appropriate and weather through this difficult
period together
Keeping the mall relevant to shoppers
Proactive lease Focus on tenant retention and maintaining healthy occupancy
management
Implement proactive marketing plans to drive traffic and sales
Taking this opportunity to curate a high-quality and resilient tenant
mix
Position our assets to be ready for the eventual recovery
27Ensuring safety of the community &
asset enhancement and acquisitions
Health and safety of the community remains our priority
– Temperature screening, contact tracing and safe distancing
Measures taken will continue
to keep the
community safe – Increased frequency in cleaning
amid COVID-19 – Disinfectant system utilising advanced ultraviolet technology
to disinfect indoor air and difficult to reach surfaces have
been deployed at Wisma Atria
Continue to explore and evaluate asset enhancement initiatives on
existing portfolio to enhance return
Asset
enhancement Diversification of income to other commercial sectors like office
and acquisitions
Focusing the search for yield-accretive acquisition opportunities in
key gateway cities
28References used in this presentation, where applicable
1Q, 2Q, 3Q, 4Q means where applicable, the periods from 1 July to 30 September; 1 October to 31 December; 1 January to 31 March and 1
April to 30 June
1Q FY20/21 means the period of 3 months from 1 July 2020 to 30 September 2020
1Q FY19/20 means the period of 3 months from 1 July 2019 to 30 September 2019
DPU means distribution per unit
FY means the financial year
GTO means gross turnover
IPO means initial public offering (Starhill Global REIT was listed on the SGX-ST on 20 September 2005)
NLA means net lettable area
NPI means net property income
pm means per month
psf means per square foot
q-o-q means quarter-on-quarter
WA and NAC mean the Wisma Atria Property (74.23% of the total share value of Wisma Atria) and the Ngee Ann City Property (27.23% of
the total share value of Ngee Ann City) respectively
y-o-y means year-on-year
All values are expressed in Singapore currency unless otherwise stated
Note: Discrepancies in the tables and charts between the listed figures and totals thereof are due to rounding
29Disclaimer
The information contained in this document has been compiled from sources believed to be reliable. Whilst every effort has been made to ensure the
accuracy of this document, no warranty is given or implied. This document has been prepared without taking into account the personal objectives,
financial situation or needs of any particular party.
The value of units in Starhill Global REIT (“Units”) and the income derived from them may fall or rise. The Units are not obligations of, deposits in, or
guaranteed by, the Manager or any of its affiliates. An investment in Units is subject to investment risks, including possible delays in repayment, loss of
income or principal invested. The Manager and its affiliates do not guarantee the performance of Starhill Global REIT or the repayment of capital from
Starhill Global REIT or any particular rate of return. Investors have no right to request the Manager to redeem their Units while the Units are listed. It is
intended that Unitholders may only deal in their Units through trading on the SGX-ST. Listing of the Units on the SGX-ST does not guarantee a liquid
market for the Units.
This document is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Units. The past performance
of Starhill Global REIT is not necessarily indicative of the future performance of Starhill Global REIT.
This document may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ
materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples
of these factors include (without limitation) general industry and economic conditions, outbreak of contagious diseases or pandemic, interest rate and
foreign exchange trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of property rental
income, changes in operating expenses (including employee wages, benefits and training costs), property expenses and governmental and public policy
changes. Investors are cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager’s view of future
events.
30YTL Starhill Global REIT Management Limited
CRN 200502123C
Manager of Starhill Global REIT
391B Orchard Road, #21-08
Ngee Ann City Tower B
Singapore 238874
Tel: +65 6835 8633
Fax: +65 6835 8644
www.starhillglobalreit.com
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